Clearbridge Investments LLC Sells 83,538 Shares of PagerDuty, Inc. (NYSE:PD)

Clearbridge Investments LLC lowered its position in PagerDuty, Inc. (NYSE:PD) by 2.1% in the second quarter, Holdings Channel.com reports. The fund owned 3,901,912 shares of the company’s stock after selling 83,538 shares during the period. Clearbridge Investments LLC’s holdings in PagerDuty were worth $89,471,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of PD. Quarry LP increased its stake in PagerDuty by 1,537.2% in the second quarter. Quarry LP now owns 1,408 shares of the company’s stock valued at $32,000 after acquiring an additional 1,322 shares during the period. First Horizon Advisors Inc. raised its holdings in shares of PagerDuty by 28.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,323 shares of the company’s stock worth $53,000 after buying an additional 508 shares in the last quarter. Fred Alger Management LLC boosted its stake in PagerDuty by 170.6% in the 2nd quarter. Fred Alger Management LLC now owns 2,503 shares of the company’s stock valued at $57,000 after buying an additional 1,578 shares in the last quarter. Cambridge Trust Co. bought a new stake in PagerDuty in the first quarter valued at $68,000. Finally, Headlands Technologies LLC acquired a new position in PagerDuty during the second quarter worth $114,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PD. JPMorgan Chase & Co. reduced their target price on shares of PagerDuty from $24.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Royal Bank of Canada decreased their price objective on shares of PagerDuty from $27.00 to $22.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. Morgan Stanley dropped their price objective on shares of PagerDuty from $24.00 to $19.00 and set an “equal weight” rating for the company in a report on Wednesday, September 4th. Canaccord Genuity Group reduced their target price on PagerDuty from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. Finally, Scotiabank dropped their price target on PagerDuty from $23.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $21.91.

Insider Activity

In other news, CEO Jennifer Tejada sold 18,750 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $20.09, for a total value of $376,687.50. Following the completion of the transaction, the chief executive officer now owns 1,010,861 shares of the company’s stock, valued at approximately $20,308,197.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other PagerDuty news, CFO Howard Wilson sold 12,108 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $20.49, for a total value of $248,092.92. Following the sale, the chief financial officer now owns 594,202 shares in the company, valued at approximately $12,175,198.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jennifer Tejada sold 18,750 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $20.09, for a total value of $376,687.50. Following the transaction, the chief executive officer now directly owns 1,010,861 shares of the company’s stock, valued at approximately $20,308,197.49. The disclosure for this sale can be found here. Insiders have sold a total of 110,244 shares of company stock valued at $2,316,980 in the last 90 days. 7.60% of the stock is owned by company insiders.

PagerDuty Price Performance

PagerDuty stock opened at $17.97 on Thursday. The business’s 50-day simple moving average is $18.89 and its 200 day simple moving average is $20.30. The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 2.38. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of -17.79 and a beta of 1.05. PagerDuty, Inc. has a 12-month low of $16.46 and a 12-month high of $26.70.

PagerDuty (NYSE:PD) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.17 by $0.04. PagerDuty had a negative net margin of 18.58% and a negative return on equity of 25.83%. The company had revenue of $115.94 million during the quarter, compared to analysts’ expectations of $116.52 million. During the same quarter in the previous year, the company earned ($0.18) EPS. PagerDuty’s revenue was up 7.7% on a year-over-year basis. As a group, research analysts anticipate that PagerDuty, Inc. will post -0.37 earnings per share for the current year.

PagerDuty Company Profile

PagerDuty, Inc engages in the operation of a digital operations management platform in the United States and internationally. The company's digital operations management platform collects data and digital signals from virtually any software-enabled system or device and leverage machine learning to correlate, process, and predict opportunities and issues.